American electric vehicle company, Tesla, with Elon Musk as a CEO informed that they might go back to crypto transactions in the future. The information was revealed in a quarterly filing with SEC in September.
The company can see cryptocurrencies as an alternative to cash in the long run. The Dogefather and his company are firm believers in using digital assets for different purchases.
Crypto assets can be used as a store of value and a form of payment states the company as it believes cryptocurrencies will keep staying strong in the future.
Accepting crypto for Tesla purchases would not be something new, as the company offered buyers the chance to pay for the electric vehicle with Bitcoin from January to March 2021. Moreover, during the first months of the year, it invested $1.5 billion in BTC.
However, efforts to secure Bitcoin as a payment method were impeded by environmental concerns, with the PoW mining harming the environment.
Musk did not entirely give up on the idea, saying that if things change for the Bitcoin network and if the crypto giant becomes reliant on renewable energy, then Tesla might embrace it again. If the cryptocurrency is not bad for the environment, it can go back as a payment method for Tesla.
Following a contract with auto rental business Hertz, Tesla’s market valuation topped $1 trillion this week. It became the fifth firm to gain $1 trillion in market capitalization.
On the other hand, Elon Musk is always active on social media regarding cryptocurrencies, and this weekend he angered some SHIBA INU fans. The crypto advocate declared that he has only invested in Bitcoin, Ethereum, and Dogecoin, holding no investment in SHIBA INU.
As Musk already plays a significant role in the success of cryptocurrencies, his Twitter answer resulted in SHIBA INU dropping by 20% over the weekend.
He further added that what’s important for any form of money is what you will do with it and how you can add services that will improve the life of your fellow human beings, instead of just focusing on the money itself.
Also Read: Bitcoin Surpasses Facebook and Tesla by Reaching $1 Trillion in Market Capitalization